Tag: economy

Oct 31, 2011 (LBO) – Consumer inflation in Sri Lanka’s capital Colombo slowed to 5.1 percent in October 2011, from 6. 4 percent in September, the third straight monthly slowdown, the state statistics office said. The Colombo Consumer Price Index slid 0. 1 percent to 151.5 points in October, from 151.7 in September. The 12-month […]

Oct 31, 2011 (LBO) – A team of Vietnamese businessmen who visited Sri Lanka recently as part of a state visit by Truong Tan Sang, president of Vietnam, was reported to be keen on investing in the island. During the visit the Sri Lanka – Vietnam Business Council of the Ceylon Chamber of Commerce held […]

Oct 31, 2011 (LBO) – A former head of Sri Lanka’s largest business chamber, Chandra Jayaratne, has warned that a proposed expropriation law will harm the island’s image as a safe investment destination. The proposed bill, which was reportedly written by a private law firm, seeks to vest in the state ‘underperforming enterprises and underutilized […]

Oct 28, 2011 (LBO) – Japan has given financial aid to support efforts to help ex-combatants and other affected people in Sri Lanka’s former northern war zone to resume their livelihoods. The Japanese government gave 122 million yen (about 1.5 million US dollars) to the International Organization for Migration (IOM) for “reintegration and reconciliation” efforts […]

Oct 28, 2011 (LBO) – The Asian Development Bank said its program for Sri Lanka from 2012 will focus on public private partnerships in infrastructure, boosting human resources and lagging regional including former war zones. “ADB will also provide nonsovereign loans to reforming state-owned enterprises to expose them to alternate sources of finance. Private investments […]

PERTH, October 27, 2011 (AFP) – Sri Lanka’s President Mahinda Rajapakse Thursday accused Western nations of doing “too little, too late” to address economic problems, adding that Asia was key to global stability. “At present, many advanced nations suffer from high unemployment which has resulted in the first signs of political and social unrest being […]

SHANGHAI, October 27, 2011 (AFP) – Hundreds of angry home buyers launched a series of protests in China’s commercial hub of Shanghai this week, as owners decried falling prices for their properties, state media said Thursday. Hit by weak demand and lack of funding, developers have slashed prices for some new projects in the city […]

Oct 25, 2011 (LBO) – The Sri Lankan government is to take over a high rise hotel and apartment tower whose construction was stalled after its parent firm got into financial trouble. The takeover is to be effected under a new law that is being put through the judicial and parliamentary approvals process that provides […]

Oct 23, 2011 (LBO) – Sri Lanka has gifted 250 metric tonnes of rice to Somalia as domestic production increased, economic development minister Basil Rajapaksa said. This year no rice has been imported to the country, Rajapaksa told an ‘investor’s day’ in Colombo Saturday. “Our paddy stores are now full,” Rajapasksa said. “We have three […]

Oct 21, 2011 (LBO) – Sri Lanka is considering setting a minimum domestic wage and maximum expatriate wage for industries and also creating a forum for industrialists to air their grievances. The proposals were revealed at a meeting with industrialists held organised by the ministry of industry & commerce as part of consultations in preparation […]

Oct 21, 2011 (LBO) – Tighter corporate disclosure rules helped propel Sri Lanka up the ease of doing business rankings, moving it closer to the target ranking of 30, a regulator said. According to the ‘Doing Business Ranking’ computed by the World Bank Group, Sri Lanka was ranked 89 of 183 countries in 2012, a […]

Oct 21, 2011 (LBO) – The Asian Development Bank has given Sri Lanka a 59 million US dollar loan to ensure balanced regional development that includes modernising local government taxation, licensing, and approval rules. The ‘Pura Neguma’ Local Government Enhancement Project to be implemented with ADB loan funds is scheduled to be completed by June […]